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Picton Property proposes placing to raise £10m

13 March 2015 07:24

Picton Property Income Ltd have proposed a placing of new shares of no par value at a price of 68.5p each to raise proceeds of more than £10m gross.

Highlights:

* Placing Price of 68.5 pence per New Ordinary Share which represents a premium of 3.8% to the 31 December 2014 EPRA NAV of 66.0 pence per share and a discount of 4.9% to the Closing Share Price of 72.0 pence per share as at 12March 2015

* Approximately 95% of the net proceeds of the Placing are expected to be invested in property acquisitions with the remainder to be invested in opportunities within the existing portfolio

* The net proceeds of the Placing are expected to be substantially invested, or committed, by 30 June 2015

* The Placing represents the final tranche of New Ordinary Shares to be issued under the Placing Programme

Story provided by StockMarketWire.com

Related Company: PCTN

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